Apple‘s share in the Indian market may have taken a hit in the Q1, 2018, however, that is no indication of the company’s profits in the market. According to Apple’s regulatory filings to the Registrar of Companies (RoC), the company’s net profit in India for the year ended March 2017 was up by 44 percent at Rs 373.4 crore.

As Economic Times reports, Apple’s total income in India grew by 17 percent at Rs 11,704.5 crore in FY17, up from Rs 9,997.6 crore in the previous fiscal. However, its sales growth slumped significantly from over 40 percent it had reported for previous five years.

Analysts believe that Apple’s growth in the Indian market will continue in 2017-18 owing to highly profitable models in its portfolio. Meanwhile, a senior industry executive said that Apple’s income from the profits will be used for further expansion of local operations. The filings made to RoC said no dividend was paid to the parent for the fiscal under review to conserve financial resources. It also mentioned that the company’s income and consequent profits are increasing at a consistent pace.

Counterpoint Research recently reported that Apple’s share in the Indian market plummeted, giving way for Samsung to become the dominant player.

As per the report, Apple’s share in the premium segment dropped as the volumes went down by 55 percent due to a decline in shipments of its iPhone 8 and iPhone X smartphones.

What also led to Apple’s status going down was the increase in import duty on CBUs to 20 percent, as announced by the government of India. This led to the increase in prices of the already expensive iPhones.

As per the report, Apple’s iPhone X accounted for 35 percent of the global smartphone market’s profit during the October-December quarter, followed by the iPhone 8 which grabbed 19 percent of the industry’s profit, and iPhone 8 Plus with 15 percent profit share. With the latest trio, Apple earned about 90 percent of the global industry’s profits during the quarter with its entire portfolio.